[IDEA] Bitcoin Piggy Bank linked to Paper wallets

[Kakmakr]

BitPiggy

Ok, So we want people to adopt Bitcoin, but most of them struggle with the concept that you do not have to buy a whole bitcoin to own Bitcoin, right?

Well, let's introduce this in the best possible way I can think of :

Everyone has small change in their pocket every day. Someone can create a Bitcoin Piggy bank < vending machines > that converts small change into Satoshi, once it has been deposited into the machine. Transactions can be off-chain until enough Satoshi's are bought to transfer it to the blockchain. < LN? >

First time users can have their first paper wallet generated by this device and then use that QR code for future transactions and more advanced users can simply scan their QR code and then deposit the coins to be added to their Bitcoin address, once it cleared the "dust" < A limit that can be set online by the user from their website >

You also print a website link for more information on the generated wallet and for people who wants to customize their settings. < Increasing the limits until Satoshi's are transferred to the Blockchain >

Alternatively first time users could press a button to print instructions on how to generate their own paper wallets, but this might be more confusing and off putting for some people. < You want that immediate gratification >  

This will most certainly increase adoption one cent at a time. ^smile^

Edit : Update - A 0.2% fee <example> can be deducted from all coins deposited to cover the expenses for the vending machine owner.

You can even link it to a App on someones phone. The QR code will be displayed by the App, every time the user wants to use the machine, but the private key will not be on the phone. Lost private keys can be retrieved by the service provider at a fee.

[1714964757]

1714964757

[1714964757]

1714964757

[1714964757]

1714964757

[1714964757]

1714964757

[1714964757]

1714964757

[1714964757]

1714964757

[_nur]

it's already created

https://lykke.com/

1) download app
2) deposit USD by creditcard e.g USD 1
3) get USD 1 in wallet (0% fees)
4) trade USD to BTC also (0% fees)
5) multisign wallet



http://www.forexfactory.com/news.php?do=news&id=559698

[Emerge]

That's interesting, however getting the liquidity is your biggest hurdle I'm sure.

[Kakmakr]

That's interesting, however getting the liquidity is your biggest hurdle I'm sure.

Why would liquidity be a problem? The vending machine is not cashing out any large amounts of bitcoins, because it will be mostly small change. You could even show some indicator that will show how much bitcoins are available to be converted from fiat. < The vending machines out there at the moment, have daily limits configured >

As you see the reserves drop, you start buying more. Your % of the fee goes directly into your funding address for you to manage this.

You install this in a shop next to a cash register, where people handle cash transactions and where they get change. You can even have a tip option that can be linked to the cashier's Bitcoin address for tips. < If he explains Bitcoin to the people, he might get tips > 

[TimeTeller]

That's interesting, however getting the liquidity is your biggest hurdle I'm sure.

Why would liquidity be a problem? The vending machine is not cashing out any large amounts of bitcoins, because it will be mostly small change. You could even show some indicator that will show how much bitcoins are available to be converted from fiat. < The vending machines out there at the moment, have daily limits configured >

As you see the reserves drop, you start buying more. Your % of the fee goes directly into your funding address for you to manage this.

You install this in a shop next to a cash register, where people handle cash transactions and where they get change. You can even have a tip option that can be linked to the cashier's Bitcoin address for tips. < If he explains Bitcoin to the people, he might get tips > 

I think that idea will hit the market in the very near future. Now that millennials are keen on trying "high-tech/effortless/economical" type of technology.
So riding the bandwagon will be very easy for them as they will just shell out some coins out of their pocket.
They will not contemplate much bout the liquidity but rather the comfort & the facile way of executing the transaction.

[davis196]

BitPiggy

Ok, So we want people to adopt Bitcoin, but most of them struggle with the concept that you do not have to buy a whole bitcoin to own Bitcoin, right?

Well, let's introduce this in the best possible way I can think of :

Everyone has small change in their pocket every day. Someone can create a Bitcoin Piggy bank < vending machines > that converts small change into Satoshi, once it has been deposited into the machine. Transactions can be off-chain until enough Satoshi's are bought to transfer it to the blockchain. < LN? >

First time users can have their first paper wallet generated by this device and then use that QR code for future transactions and more advanced users can simply scan their QR code and then deposit the coins to be added to their Bitcoin address, once it cleared the "dust" < A limit that can be set online by the user from their website >

You also print a website link for more information on the generated wallet and for people who wants to customize their settings. < Increasing the limits until Satoshi's are transferred to the Blockchain >

Alternatively first time users could press a button to print instructions on how to generate their own paper wallets, but this might be more confusing and off putting for some people. < You want that immediate gratification >  

This will most certainly increase adoption one cent at a time. ^smile^

Edit : Update - A 0.2% fee <example> can be deducted from all coins deposited to cover the expenses for the vending machine owner.

You can even link it to a App on someones phone. The QR code will be displayed by the App, every time the user wants to use the machine, but the private key will not be on the phone. Lost private keys can be retrieved by the service provider at a fee.

OK,but what`s the point to convert small change into satoshi when there`s no way to use the satoshis they get?If they are just saving the satoshis and convert more and more change there is no way to use those bitcoins offline.
What if the machine gets broken and the guy puts his change but never receives anything?
How will people trust such "vending machines"?

[Kakmakr]

BitPiggy

Ok, So we want people to adopt Bitcoin, but most of them struggle with the concept that you do not have to buy a whole bitcoin to own Bitcoin, right?

Well, let's introduce this in the best possible way I can think of :

Everyone has small change in their pocket every day. Someone can create a Bitcoin Piggy bank < vending machines > that converts small change into Satoshi, once it has been deposited into the machine. Transactions can be off-chain until enough Satoshi's are bought to transfer it to the blockchain. < LN? >

First time users can have their first paper wallet generated by this device and then use that QR code for future transactions and more advanced users can simply scan their QR code and then deposit the coins to be added to their Bitcoin address, once it cleared the "dust" < A limit that can be set online by the user from their website >

You also print a website link for more information on the generated wallet and for people who wants to customize their settings. < Increasing the limits until Satoshi's are transferred to the Blockchain >

Alternatively first time users could press a button to print instructions on how to generate their own paper wallets, but this might be more confusing and off putting for some people. < You want that immediate gratification >  

This will most certainly increase adoption one cent at a time. ^smile^

Edit : Update - A 0.2% fee <example> can be deducted from all coins deposited to cover the expenses for the vending machine owner.

You can even link it to a App on someones phone. The QR code will be displayed by the App, every time the user wants to use the machine, but the private key will not be on the phone. Lost private keys can be retrieved by the service provider at a fee.

OK,but what`s the point to convert small change into satoshi when there`s no way to use the satoshis they get?If they are just saving the satoshis and convert more and more change there is no way to use those bitcoins offline.
What if the machine gets broken and the guy puts his change but never receives anything?
How will people trust such "vending machines"?

Why would they not be able to use these Satoshis? The concept is simple, people dump small change in a "piggy" bank until they have enough to use it, they then break the "Piggy" bank and go to the bank to cash in for bigger denominations. < This machine will have the same goal, you dump small change into a paper wallet, and when you have enough Satoshis, you just sweep this wallet onto a online wallet and use it >

People do not need to trust "vending machines" if instructions are placed on these machines for people to create their own "paper wallets" .... If they think this is a non-issue, then they can use the computer generated paper wallets, provided by the supplier.

There are many different ways to do this, so let's just consider the possibilities now. ^smile^

We can even ask these guys to add Bitcoin to their machines : https://www.coinstar.com/

Ask here : https://www.coinstar.com/contact